Boutique hotel planned for Asbury in 2016

ASBURY PARK – A boutique hotel equipped with a rooftop bar is on the horizon for Asbury Park, marking another stride in the city's quest to become a waterfront destination.

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Master developer iStar Financial is looking to transform the former Salvation Army retirement home on Fifth Avenue into a modern hotel that could create about 128 permanent jobs. The hotel would overlook Sunset Lake and be about one block from the beach.

The company iStar acquired the seven-story building in 2013. PNC Bank previously had foreclosed on the property after its former owner, the East Brunswick-based Teicher Organization, failed to develop it and repay a loan. The century-old building has been vacant since 2004.

The new hotel would be the first one developed in Asbury Park since the 1960s, when the Empress Hotel was built, according to iStar's proposal.

IStar hired the Manhattan-based Stonehill & Taylor architecture firm to design the hotel, which has yet to be named. Stonehill & Taylor has designed five-star luxury hotels and eclectic restaurants, among other developments across the country.

"IStar is collaborating with a world-class designer and boutique operator to develop a 110-room hotel that we believe will reflect the fabric and spirit of this iconic city," Brian Cheripka, vice president of land for iStar, said in an email. "We are extremely proud of our design team and look forward to announcing additional details regarding the interior design as we move ahead with the development of this exciting project."

The hotel's proposal calls for a complete rehabilitation of the Fifth Avenue building, with glass additions to the façade for a more contemporary look.

Among the features of the hotel are 110 guest rooms, an outdoor swimming pool, indoor- and outdoor-event facilities and bars, including one on the hotel's roof, with a view of the city and ocean. There also will be 121 off-street parking spaces constructed for hotel guests.

Cheripka said it is too early in the planning process to estimate a total cost for the construction project but that iStar "is making a significant investment of capital."

The construction project alone is expected to bring 200 jobs to the city, he said.

City Councilman John Moor said the new hotel is a step in the right direction for Asbury Park to become a resort town.

"I think the city needs at least this hotel and maybe another one," Moor said. "This will make (the city) more family-oriented and longer than just a one-day holdover."

IStar is set to present the hotel plan to the City Council today and, if approved, it then will go to the city's Planning Board.